Limited AI Use at Major Central Banks
Central banks are taking a cautious approach to artificial intelligence due to fears such as the increased risk of crises.
More than 60 percent of central bank respondents said that artificial intelligence (AI) tools are not yet supporting their core operations, according to a survey by the Official Monetary and Financial Institutions Forum.
The risk that AI-driven behavior could «accelerate future crises» was cited as the primary concern. Of those who are using AI, it was mainly for basic work, such as summarizing data or scanning markets.
«AI helps us see more, but decisions must remain with people,» said one participant in the report.
US Dollar Dominance
On central bank holdings by currency, 60 percent said they wanted to diversify away from the dollar but noted difficulty due to the superior liquidity of US Treasuries.
«We are moving from a bipolar to a multipolar reserve system, but the euro is not ready yet to lead,» said another participant.
The report was based on responses from 10 central banks from Europe, Africa, Latin America and Asia managing around $6.5 trillion in assets, including six from G20 countries and two from the G7.
